UPM and Sappi have conditionally nominated the remaining members of the management team for their planned graphic paper joint venture, following the conditional nominations of Gunnar Eberhardt as chief executive officer and Stephen Blyth as chief financial officer earlier this month. The nominations are conditional on receipt of all regulatory approvals and completion of the transaction.
Jan Gustafsson has been conditionally nominated as senior vice president, human resources, with responsibility for HR, strategy, communications, sustainability, and legal. He currently serves as vice president, human resources, UPM Communication Papers. Marco Eikelenboom has been conditionally nominated as senior vice president, sales and marketing, with responsibility for sales and marketing. He is currently chief executive officer of Sappi Europe SA.
Antti Hermonen has been conditionally nominated as senior vice president, operations, with responsibility for operations, R&D, energy, and sourcing. He currently serves as senior vice president, operations, UPM Communication Papers. Jan-Sander van Tuijl has been conditionally nominated as senior vice president, supply chain. He is currently vice president, supply chain and procurement, Sappi Europe SA.
“We are pleased to nominate these four individuals to join Gunnar and Stephen. Their collective experience, proven ability to lead through change and strong understanding of the industry will be instrumental in building a resilient and competitive business that delivers long-term value for customers, employees and shareholders,” said UPM president and CEO Massimo Reynaudo and Sappi CEO Steve Binnie.
As previously communicated, Stephen Blyth has been conditionally nominated as chief financial officer, with responsibility for finance and control, tax and treasury, as well as internal audit, IT, and real estate. He is currently CFO of Sappi Europe SA.
UPM and Sappi announced the planned joint venture in 2025 and signed the definitive agreements on the transaction in May 2026. The transaction requires, among other conditions, merger control approval by the European Commission and authorities in other jurisdictions, with final resolutions expected by the end of 2026. The joint venture would become operational upon closing. As announced on April 28, 2026, the review of the joint venture proceeded to Phase II of EU merger control. UPM continues to engage with the European Commission during the second part of the process.
Until closing, UPM and Sappi will continue to operate their respective businesses independently, with current leadership continuing in their current roles.
